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Cochlear Implants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

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    Report

  • 147 Pages
  • July 2023
  • Region: Global
  • IMARC Group
  • ID: 5682246

Quick Summary:

In the rapidly evolving world of audiology, the demand for cochlear implants, integral for individuals with severe to profound nerve deafness, is growing at an unprecedented rate. The undeniable transformative potential of cochlear implants is paving the way for a flourishing market. With many individuals relying on these devices to navigate their daily lives, this report equips businesses with comprehensive insights situated at the intersection of medical technology and consumer needs.

The landscape of the cochlear implants industry is shaped by various factors: a growing geriatric population, rise in the incidence of children born with hearing defects, technological advancements, and an increase in early diagnosis of audiological diseases. Additionally, the introduction of user-friendly product variants by manufacturers and efforts to expand access to quality healthcare further elevate the market potential. This report serves as a key resource to better understand the market trends and prepare for the opportunities that lie ahead. The value chain, major players, the degree of competition along with expected market trajectory are meticulously examined, ensuring comprehensive coverage.

The report underlines the importance of segmental analysis offering strategic reviews on implant types and end-users, across multiple key regions. Through this in-depth exploration, businesses can gain a broader view of the complexities and possibilities of the cochlear implants market. From the perspectives of adults and children to the distinctions between unilateral and bilateral implants, this research provides a holistic outlook, promoting informed business decisions and strategic planning.

The global cochlear implants market size reached US$ 2.1 Billion in 2022. Looking forward, the publisher expects the market to reach US$ 3.5 Billion by 2028, exhibiting a growth rate (CAGR) of 9.1% during 2023-2028.

A cochlear implant is an electronic device that is surgically placed in the ears for producing useful hearing sensations. It is implanted in the inner ear of individuals with severe to profound nerve deafness. The device consists of a microphone, speech processor, transmitter and an electrode array. It electrically stimulates nerves and transforms sound vibrations into signals that are sent to the auditory nerve. The signals are then sent to the brain and get translated to recognizable sounds. The implant does not restore normal hearing capabilities; instead, it provides a representation of environmental sounds and assists the individual to interpret or understand them as speech.

The growing geriatric population, along with the increasing incidence of children born with hearing defects, is one of the key factors driving the market growth. Furthermore, medical breakthroughs have enabled early diagnosis of otic diseases and related ear disorders. This, coupled with the rising awareness regarding the benefits of hearing aids, has significantly propelled their adoption rate among the masses. The product innovations are also representing as another major growth-inducing factor. Manufacturers are attempting to launch more user-friendly and efficient product variants in the market. For instance, the introduction of waterproof and rechargeable cochlear implants, along with the integration of next-generation sound processors, has notably boosted the product sales. Moreover, efforts by both government and non-governmental organizations (NGO) to make quality healthcare facilities accessible to all have also proven to be pivotal to the market growth. Other growth-inducing factors include rising disposable incomes, increasing healthcare expenditures and enhanced research and development (R&D) activities.

Key Market Segmentation:

The publisher provides an analysis of the key trends in each sub-segment of the global cochlear implants market report, along with forecasts at the global and regional level from 2023-2028. Our report has categorized the market based on implant type and end-user.

Breakup by Implant Type:

  • Unilateral
  • Bilateral

Breakup by End-User:

  • Adults
  • Children

Breakup by Region:

  • Asia Pacific
  • Europe
  • North America
  • Latin America
  • Middle East and Africa

Competitive Landscape:

The report has also analyzed the competitive landscape of the market with some of the key players being Cochlear Ltd., MED-EL, Advanced Bionics Corporation, William Demant, Nurotron Biotechnology Ltd., Oticon Medical, Sonova, etc.

Key Questions Answered in This Report:

  • How has the global cochlear implants market performed so far and how will it perform in the coming years?
  • What are the key regional markets in the global cochlear implants industry?
  • What has been the impact of COVID-19 on the global cochlear implants industry?
  • What is the breakup of the market based on the implant type?
  • What is the breakup of the market based on the end-user?
  • What are the various stages in the value chain of the global cochlear implants industry?
  • What are the key driving factors and challenges in the global cochlear implants industry?
  • What is the structure of the global cochlear implants industry and who are the key players?
  • What is the degree of competition in the global cochlear implants industry?
Frequently Asked Questions about the Global Cochlear Implants Market

What is the estimated value of the Global Cochlear Implants Market?

The Global Cochlear Implants Market was estimated to be valued at $2.1 Billion in 2022.

What is the growth rate of the Global Cochlear Implants Market?

The growth rate of the Global Cochlear Implants Market is 8.9%, with an estimated value of $3.5 Billion by 2028.

What is the forecasted size of the Global Cochlear Implants Market?

The Global Cochlear Implants Market is estimated to be worth $3.5 Billion by 2028.

Who are the key companies in the Global Cochlear Implants Market?

Key companies in the Global Cochlear Implants Market include CHAMPRO, ECD Lacrosse, Epoch Lacrosse, Maverik Lacrosse LLC, Nike Inc., Pro Sports Equip, Savage X Lacrosse LLC, StringKing Inc, STX LLC and Warrior Sports Inc. (New Balance Athletics Inc.).

Table of Contents

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Cochlear Implants Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Breakup by Implant Type
5.5 Market Breakup by End-User
5.6 Market Breakup by Region
5.7 Market Forecast
6 SWOT Analysis
6.1 Overview
6.2 Strengths
6.3 Weaknesses
6.4 Opportunities
6.5 Threats
7 Value Chain Analysis
8 Porter’s Five Forces Analysis
8.1 Overview
8.2 Bargaining Power of Buyers
8.3 Bargaining Power of Suppliers
8.4 Degree of Competition
8.5 Threat of New Entrants
8.6 Threat of Substitutes
9 Market Breakup by Implant Type
9.1 Unilateral
9.1.1 Market Trends
9.1.2 Market Forecast
9.2 Bilateral
9.2.1 Market Trends
9.2.2 Market Forecast
10 Market Breakup by End-User
10.1 Adults
10.1.1 Market Trends
10.1.2 Market Forecast
10.2 Children
10.2.1 Market Trends
10.2.2 Market Forecast
11 Market Breakup by Region
11.1 Asia Pacific
11.1.1 Market Trends
11.1.2 Market Forecast
11.2 Europe
11.2.1 Market Trends
11.2.2 Market Forecast
11.3 North America
11.3.1 Market Trends
11.3.2 Market Forecast
11.4 Middle East and Africa
11.4.1 Market Trends
11.4.2 Market Forecast
11.5 Latin America
11.5.1 Market Trends
11.5.2 Market Forecast
12 Competitive Landscape
12.1 Market Structure
12.2 Key Players
12.3 Profiles of Key Players
12.3.1 Cochlear Ltd
12.3.2 MED-EL
12.3.3 Advanced Bionics Corporation
12.3.4 William Demant
12.3.5 Nurotron Biotechnology Ltd
12.3.6 Oticon Medical
12.3.7 Sonova
List of Figures
Figure 1: Global: Cochlear Implants Market: Major Drivers and Challenges
Figure 2: Global: Cochlear Implants Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Cochlear Implants Market: Breakup by Implant Type (in %), 2022
Figure 4: Global: Cochlear Implants Market: Breakup by End-User (in %), 2022
Figure 5: Global: Cochlear Implants Market: Breakup by Region (in %), 2022
Figure 6: Global: Cochlear Implants Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 7: Global: Cochlear Implants Industry: SWOT Analysis
Figure 8: Global: Cochlear Implants Industry: Value Chain Analysis
Figure 9: Global: Cochlear Implants Industry: Porter’s Five Forces Analysis
Figure 10: Global: Cochlear Implants (Unilateral) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Cochlear Implants (Unilateral) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Cochlear Implants (Bilateral) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Cochlear Implants (Bilateral) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Cochlear Implants (Adults) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Cochlear Implants (Adults) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Cochlear Implants (Children) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Cochlear Implants (Children) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Asia Pacific: Cochlear Implants Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Asia Pacific: Cochlear Implants Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Europe: Cochlear Implants Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Europe: Cochlear Implants Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: North America: Cochlear Implants Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: North America: Cochlear Implants Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Middle East and Africa: Cochlear Implants Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Middle East and Africa: Cochlear Implants Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: Latin America: Cochlear Implants Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: Latin America: Cochlear Implants Market Forecast: Sales Value (in Million US$), 2023-2028
List of Tables
Table 1: Global: Cochlear Implants Market: Key Industry Highlights, 2022 and 2028
Table 2: Global: Cochlear Implants Market Forecast: Breakup by Implant Type (in Million US$), 2023-2028
Table 3: Global: Cochlear Implants Market Forecast: Breakup by End-User (in Million US$), 2023-2028
Table 4: Global: Cochlear Implants Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 5: Global: Cochlear Implants Market Structure
Table 6: Global: Cochlear Implants Market: Key Players

Companies Mentioned

  • Cochlear Ltd.
  • MED-EL
  • Advanced Bionics Corporation
  • William Demant
  • Nurotron Biotechnology Ltd.
  • Oticon Medical
  • Sonova

Methodology

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